SocGen says restructuring plans could affect 1,600 jobs

Tuesday, 09. April 2019 09:10

French banking giant Societe Generale SA announced restructuring plans on Tuesday, as part of its efforts to ensure "profitability and sustainable growth," stressing that the changes could affect approximately 1,600 jobs globally, including around 750 in France. The plans will affect the bank's Global Banking & Investor Solution businesses, as well as the office structure for its International Retail Banking & Financial Services operations. Societe Generale said it submitted the plan proposal to employee representative organizations in France and Europe.

The company said it wants to focus on leadership in equity derivatives and structured products in Global Markets by closing its OTC commodities business and proprietary trading subsidiary. Additionally, Societe Generale plans to merge its Financing and Advisory units to cover client relationship, investment banking, and financing activities. Finally, the banking giant will move towards different management of resources in its Asset & Wealth Management and Securities Services, aiming to reduce costs.

Societe Generale stated that, following consultations with employee representatives, the organizational changes should be put in effect by the third quarter of fiscal 2019.

Related Links: Société Générale S.A.
Author:
Baha Breaking News (BBN) / SS